Punjab and Maharashtra Co-Operative Bank Mortgage Loan

Overview about Punjab and Maharashtra Co-Op Bank Mortgage Loan

Punjab and Maharashtra Co-Operative Bank is a multi-state scheduled urban co-operative bank operating in the states of Maharashtra, Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. The bank established its first single branch at Sion in 1984 and the bank currently has over 111 branches spread across 55 states in the country. It is one among the top 10 co-operative banks in the country. The bank offers deposit schemes, demat services, loans and NRI financial services.

Punjab and Maharashtra Co-Op Bank Mortgage loans

Mortgage loans are loans that are granted against collateral such as property or real estate. This is a secured loan and the bank holds the property until the borrower repays the loan. The loan can be availed against existing property too. The borrower can stay in the property that he has mortgaged as long as he is paying the loan.

PMC Mortgage Loan

PMC offers a mortgage loan that advances loan to the borrower against immovable property owned by the borrower. The loan is available to salaried and self-employed individuals. One can avail high loan amounts along with flexible repayment terms with the loan. Given below are the salient features of PMC Mortgage loan.

Offers loan against immovable property

The borrower can reside in the mortgaged property

Long repayment tenure for the loan

Offers high loan amount

Lower interest rate since it’s a secured loan

One solvent third party will be required as guarantee for loan amount above Rs. 3.00 Lakhs

Advantage of Mortgage loans

Mortgage loans are secured loans and hence offer the lower interest rates. Mortgage loans will help you use your immovable property as a collateral and thus get you loan with attractive features. Mortgage loans also offer flexible tenure periods along with various other benefits.